How much of the IPO money has Accord Transformer actually spent?

It has utilized only ₹5.19 crore of the ₹25.59 crore raised. The remaining ₹20.40 crore is unutilized as of March 31, 2026.

What was the IPO money supposed to be used for?

A key allocation was ₹13.03 crore for machinery and equipment. The audit report states that progress on this specific capex is zero.

How did the core business perform in FY26?

Revenue declined 11% year-on-year to ₹70.36 crore. Net profit fell 24% to ₹4.50 crore, indicating operational headwinds in its first full year post-listing.

What does this mean for a recently listed SME?

It raises questions about execution. The company convinced public investors to fund expansion plans, but those plans are on hold while the core business contracts.

Earnings · Electric Equipment · Micro cap

Accord Transformer's IPO cash sits idle as revenue falls 11%

The company raised ₹25.59 cr just last year. It has spent almost none of it. Revenue dropped to ₹70.36 cr and net profit fell 24%.

— 1 earlier story on Accord Transformer & Switchgear Ltd. →

ACCORDTS By Tipsheet Editorial 29 May 2026 · 8:42 PM IST Verify on BSE · NSE

Mkt cap₹140 cr

P/E23.08×

ROE28.10%

Debt / eq.0.55

₹20.40 cr IPO proceeds still unutilized, with zero spent on the planned machinery capex.

What's new

FY26 revenue fell 11% to ₹70.36 cr; net profit contracted 24% to ₹4.50 cr.
₹20.40 cr of the ₹25.59 cr IPO proceeds remain unspent as of March 31, 2026.
Zero rupees have been allocated or spent on the ₹13.03 cr machinery and equipment capex plan.

Why this matters

For a company that just raised public money to fund growth, spending less than a fifth of it in the first year is a red flag. The financial results show the core business is shrinking, while the IPO capital meant to transform it remains parked. Management must now explain the delay to the BSE SME platform.

What we're watching

Any management explanation for the complete freeze on machinery capex.
Whether the company revised its growth timeline or project scope.
The pace of IPO fund deployment in the coming quarters.

The full read

Accord Transformer spent its first full year as a listed company shrinking. Revenue dropped 11% to ₹70.36 crore. Net profit fell 24% to ₹4.50 crore. For a nano-cap that just raised ₹25.59 crore on the BSE SME platform to fund growth, the results are only half the story. The audit of IPO fund utilization reveals the other half: ₹20.40 crore of that raise sits untouched. The ₹13.03 crore earmarked for new machinery and equipment has seen zero deployment. The company raised public capital for a transformation that hasn't started. With the core business contracting, the lag in executing the IPO's growth thesis is now the primary concern.

Questions answered

How much of the IPO money has Accord Transformer actually spent?: It has utilized only ₹5.19 crore of the ₹25.59 crore raised. The remaining ₹20.40 crore is unutilized as of March 31, 2026.
What was the IPO money supposed to be used for?: A key allocation was ₹13.03 crore for machinery and equipment. The audit report states that progress on this specific capex is zero.
How did the core business perform in FY26?: Revenue declined 11% year-on-year to ₹70.36 crore. Net profit fell 24% to ₹4.50 crore, indicating operational headwinds in its first full year post-listing.
What does this mean for a recently listed SME?: It raises questions about execution. The company convinced public investors to fund expansion plans, but those plans are on hold while the core business contracts.

Mentioned: BSE SME platform · ₹25.59 cr IPO proceeds · ₹13.03 cr machinery capex

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Story so far

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29 May 2026 · 8:42 PM IST Accord Transformer's IPO cash sits idle as revenue falls 11%
1d ago Accord Transformer's first full-year results as listed firm show profit fell 24%